WEEKLY: Mild rise in SHFE rebar price, sentiment mixed
May 15, 2020 18:30
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The most-traded rebar contract on the Shanghai Futures Exchange for October delivery nudged higher by Yuan 12/tonne ($1.7/t) on week to close Friday’s daytime trading session at Yuan 3,464/t. Commenting on the minor increase, a Beijing-based futures analyst described the current futures market sentiment as “cautious, with a dash of expectation,” he told Mysteel Global.
“The fast de-stocking going on in the spot steel market is supporting futures prices. But that’s also the only bullish factor,”he admitted. As of April 14, rebar inventories held by traders in 132 major cities monitored by Mysteel had contracted by another 722,800 tonnes or 5.2% on week to reach